ACI Worldwide Launches Fraud Management in the Cloud to Protect Against Threat of UPI Payments Fraud
Summary
It can be deployed without changes to a bank’s existing UPI solution, and can approve or decline transactions based on consumer behavior, counteract SMS spoofing and blacklist fraudulent accounts. Banks benefit from custom-defined workflows and scoring methods, centralized auditing and automated case updates, helping make fraud management simpler, more flexible and cost-effective. However, surging transaction volumes pose a complex challenge to banks and financial institutions when it comes to upgrading and maintaining their back-end risk management systems,” said Kaushik Roy, vice president and country leader – South Asia, ACI Worldwide. Consequently, cybercriminals are seeking to exploit potential vulnerabilities, targeting users with fake UPI IDs, links, handles, phishing scams and remote screen monitoring tools. Consumers should follow these tips to prevent falling prey to common UPI fraud: • Do not share sensitive data or information pertaining to money transfers/refunds on social media or any third-party apps.
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